NASDAQ PANEL GRANTS MARPAI'S REQUEST FOR EXTENSION TO COMPLY WITH CONTINUED LISTING REQUIREMENTS
TAMPA, Fla., March 13, 2024 /PRNewswire/ -- Marpai, Inc. ("Marpai" or the "Company") (Nasdaq: MRAI), an independent national Third-Party Administration (TPA) company transforming the $22 billion TPA market supporting self-funded employer health plans with affordable, intelligent, healthcare, today announced that it received notice from the Nasdaq Hearings Panel ("Panel") of The Nasdaq Stock Market ("Nasdaq") that it has granted the Company an extension to regain compliance with the continued listing requirements for The Nasdaq Capital Market (the "Panel Decision"), as discussed more fully below.
Subject to the Company meeting certain requirements by March 31, 2024, the Hearings Panel granted the Company an extension until May 28, 2024, to regain compliance with the Market Value of Listed Securities ("MVLS") requirement of $35,000,000 or satisfy any of the alternative requirements in Listing Rule 5550(b).
"The extension granted by the Nasdaq Hearings Panel will allow us to finish executing our plan to regain compliance with Nasdaq's minimum market value of listed securities requirement," said Damien Lamendola, CEO of Marpai. "Marpai has made significant progress on our plan to raise equity, improve operational efficiencies and drive growth through our recent customer renewals and wins."
As previously disclosed by the Company, on May 31, 2023, Nasdaq Listing Qualifications staff ("Staff") notified the Company that the market value of its listed securities ("MVLS") had been below the minimum $35,000,000 required for continued listing as set forth in Listing Rule 5550(b)(2). In accordance with Listing Rule 5810(c)(3)(C), the Company was provided 180 calendar days, or until November 27, 2023, to regain compliance. On November 28, 2023, the Staff notified the Company that it had determined to delist the Company as it did not comply with the MVLS requirement for listing on the Exchange. On November 29, 2023, the Company requested a hearing. A hearing on the matter was held on February 22, 2024, where the Company presented its compliance plan.
Notwithstanding the foregoing, there can be no assurance that the Company will be able to meet these deadlines or ultimately regain compliance with all applicable requirements for continued listing.
